Fund families disclose more info on 401(k) fees

There’s new information available on 401(k) plans that makes it easier for employers and employees alike to select the right funds, which sometimes means identifying the least costly of similar funds that perform equally well.

As this week’s Focus on Banking and Finance points out, new regulations are causing 401(k) vendors – typically mutual fund families like Fidelity or T. Rowe Price – to cough up more information on how their fee systems work. It’s not necessarily all new information, but it is presented in a more organized manner.

The data will help employers decide which funds to make available to employees.

Employers, in turn, must now provide employees with concise information about the fees they pay for their 401(k) plans.

That information will appear for the first time in the fall quarterly 401(k) statements received by enrolled employees.

If you take a good look at your statement, you’ll get a better handle on how fees are affecting your overall returns.